Lending for Auctions

[Benjamin Lovinger]

Hi All 

Long time follower, first time poster. Looking for some ideas for financing for local sheriff foreclosure sales and Auction.com sales. I have had success purchasing properties through the foreclosure auctions but my private lender backed out due to Covid-19. It's basically the brrrr method but I am having trouble finding a lender that will work with me not knowing the exact purchase price. Obviously, I do all due diligence and analysis prior to auction but in some cases the purchase price my be a few thousand more or less than projected depending on bidding and most lenders do not like that. I have $80,000 on hand but need $110,000 more. Possibly some sort of LOC would be ideal.

Any ideas out there that could help me?

TIA, 

Ben

[Benjamin Lovinger]

@Anthony Dadlani

I am located about half way between Chicago and Milwaukee in Lake County, IL.  I personally think there will be windfall of houses coming down the sheriff sale pipe line across the country over the next 18 months.  With your auction purchases, did you use private money?